New World Development drops after company to defer coupon payments
FILE PHOTO: A man walks past the headquarters of New World Development at New World Tower, in Hong Kong, China September 27, 2024. REUTERS/Tyrone Siu/File Photo
HONG KONG :Shares of New World Development dropped as much as 9.8 per cent after the Hong Kong property developer said it would defer coupon payments scheduled for June on perpetual bonds, casting further liquidity concerns for the cash-strapped firm.
The shares fell to HK$4.32 ($0.5508) each, their lowest since April 9. That compared to a 1.9 per cent fall in benchmark Hang Seng Index.
($1 = 7.8428 Hong Kong dollars)
Source: Reuters
